The NBA Board of Governors unanimously approved the sale of the Milwaukee Bucks to owners Marc Lasry and Wesley Edens on Thursday.

The New York-based investors agreed last month to purchase the Bucks from longtime owner Herb Kohl for $550 million, but the sale had to gain final approval from league owners.

"We are pleased that Wes Edens and Marc Lasry have been approved as the new owners of the Milwaukee Bucks," said NBA Commissioner Adam Silver. "The Bucks and their fans will benefit greatly from their vast business experience, energy and strong commitment to Milwaukee. I would like to thank Senator Kohl again for his unprecedented and historic financial gift toward the construction of a new Milwaukee arena and for his outstanding service to the league and his community over his nearly 30-year tenure."

The league said the transaction was expected to close shortly.

The league announced approval of the sale Thursday evening as Bucks management was in Chicago interviewing prospects at the annual draft combine.

Lasry and Edens are expected be in charge in time for Tuesday's draft lottery in New York. The Bucks have the best odds of claiming the top overall pick after finishing last season with a 15-67 record, worst in the league.

The status of general manager John Hammond and coach Larry Drew now must be decided by the new owners. Both Hammond and Drew have two years remaining on their contracts.

Drew has coached the Bucks for one season after being hired last summer. Hammond has served as Bucks general manager since April 2008, and the team has reached the playoffs twice in six seasons. The Bucks were eliminated in the first round of the Eastern Conference playoffs in 2010 by Atlanta (4-3 series) and by Miami in 2013 (4-0 sweep).

The Bucks' best season in Hammond's tenure came in 2009-'10, when Milwaukee went 46-36 in the "Fear the Deer" year and he was named the NBA executive of the year. But the team went 35-47 the following year, 31-35 in the lockout-shortened 2011-'12 season and 38-44 in 2012-'13 when coach Scott Skiles exited in midseason and was replaced by interim coach Jim Boylan.

Then came the franchise-worst finish during the past season, beating the previous low of 20 victories established during the 1993-'94 season.

A source with knowledge of the sale process said Edens and Lasry cannot have contact with the franchise's employees or make any personnel changes until the transaction is formally signed.

Asked when that would occur, the source said likely in a matter of days.

The same source said Edens and Lasry are expected to attend Tuesday's draft lottery at Times Square in New York.

Bradley Center CEO pleased

Steve Costello, president and CEO of the BMO Harris Bradley Center, called Thursday's approval "an exciting and historic day for Milwaukee and for fans of Milwaukee Bucks basketball.

"The new ownership group led by Marc Lasry and Wes Edens are committed to bringing new energy, new enthusiasm and new ideas. Our board of directors and all of us at the BMO Harris Bradley Center look forward to working with them to help make attending a Bucks game one of the most exciting and entertaining fan experiences possible," Costello said.

In his statement, Costello also acknowledged Kohl "for being an incredible owner and a tireless cheerleader for the team and the community."

Costello also pledged to work with Lasry and Edens and the entire Bucks organization over the summer to prepare for a new Bucks season.

The Bucks finished last in the league in attendance this past season at 13,487 fans per game. That was a decline of more than 1,500 fans per game from the previous season.

While the Bucks suffered at the gate, so did the BMO Harris Bradley Center. The Bucks are the arena's largest and most important tenant, and the arena is expected to report a significant financial hit when its fiscal year ends June 30.

Lasry and Edens committed $100 million toward a new arena in Milwaukee. That $100 million was matched by Kohl.

The sale price also comes with debt, according to sources, though the exact amount of debt they are assuming has not been made public. Sources say most teams carry debt through the NBA's credit facility.

There is also a reported buyback provision. Under the terms, the league will buy back the team for $575 million if construction of a new arena is not underway by 2017. That is the year the league has set for a new arena and coincides with the end of the Bucks' lease at the BMO Harris Bradley Center.

The billionaire investors have kept a low profile since the day the sale was announced. The two recently met with top business leaders in Milwaukee on the sale process and also got an update on the effort to bring in local investors.

Arena plans are next

While the new owners will be expected to concentrate first on the team's basketball operations, local elected officials and business leaders have been anxious to meet them and learn what their ideas are for the franchise and the effort to build a new arena.

In an interview with the Journal Sentinel shortly after Kohl made the announcements he was selling the team, Edens made it clear he and his partner had a timetable in mind.

"I think getting something designed, financed and ready to come out of the ground in the next 12 months is a very aggressive but a very realistic timeline, so long as there is engagement locally, which I believe there will be," Edens said. "So as soon as we are mandated as the owners, we will jump into it with both feet and get after it. I think it's a challenge, but it is a tremendous opportunity."

No specific plan for locating, financing or building a new arena has emerged publicly. A Metropolitan Milwaukee Association of Commerce committee has been meeting for several months on the arena question and has retained the Hammes Co. for advice.

One idea that has surfaced is the creation of a super-sized tax incremental financing district in which taxes collected in a large geographic area would be used to pay off the bonds for a new arena and ancillary development.

Timothy Sheehy, MMAC president, has said the super TIF idea is one of many concepts being considered.

Tax opposition strong

Most stadiums and arenas built in the country in recent years have included some measure of public tax support. In the Milwaukee area, opposition to any kind of taxation to help finance a new arena has been strong.

Sheehy said Edens and Lasry need to manage a number of priorities in a short time. Those include getting ready for the NBA draft in June and making organizational decisions.

"Combined with that, they need to get to know the community and listen to the opportunities and concerns here," Sheehy said. "As partners, we need to come up with a plan that produces a new place to play by 2018 at the latest."

Sheehy said after meeting with the pair, he was convinced they would be a "very good fit for Milwaukee.

"Their dream is to own a team, and that dream will be realized in Milwaukee," Sheehy said.

As for the buyback provision, Sheehy said Lasry and Edens were committed to Milwaukee.

"They have no interest in going through three years of turmoil just to be the owners that were responsible for a team that leaves Milwaukee," Sheehy said.

"Their dream is to be NBA owners, not to make $25 million in a buyback fee," he added. "Now they can step into Milwaukee as full partners."